Sales Beat

Huge Retail Development in Vinegar Hill, Brooklyn to Complement Major Residential Expansion

39-53 Jay Street

An expansive development site at 39-53 Jay Street in Brooklyn has sold for $25 million and could bring in the big name retailers needed to anchor Vinegar Hill as the neighborhood undergoes a residential transformation.

The existing three-story manufacturing property, formerly used as a metal stamping and engraving facility, measures roughly 80,000 square feet, in addition to a partial basement and an annex building.

“This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled the transaction.  “The ability to offer big box retail could really change the landscape.” Read More

Sales Beat

Philanthropist Plans Art Center in Former Gowanus Powerhouse

Joshua Rechnitz. Photo courtesy of the Hub blog.

Joshua Rechnitz, who caused stir last April when he pledged the single-largest donation to a New York City public park ever, is expanding his philanthropic activities to the art world. Mr. Rechnitz’s Powerhouse Environmental Arts Foundation has just paid $7million for an industrial building on the Gowanus Canal and plans to turn it into an exhibition center, The Commercial Observer has learned. Read More